Markets can exist in both physical and ___ forms.

Electronic

True or False: The 'Invisible Hand' concept suggests that individual self-interest does not contribute to societal benefits.

False. The 'Invisible Hand' concept suggests that individual self-interest can transform into societal benefits, promoting economic growth.

The concept of the 'Invisible Hand' refers to ___ that converts individual benefits into societal benefits.

An unseen force

True or False: Self-interest in a market economy leads to negative outcomes for the community.

False. Self-interest stimulates the economy and generates wealth, ultimately benefiting society.

Markets are primarily influenced by ___ norms and ___ groups within society.

Cultural norms; social groups

True or False: Weekly markets serve only as venues for the exchange of goods and do not facilitate social interactions.

False; Weekly markets also serve as important locations for social interactions, such as meeting family members and exchanging news.

The construction of roads in tribal areas during the colonial period aimed to exploit ___ and ___ resources.

Forest and mineral

True or False: The arrival of non-tribal traders and moneylenders had a positive impact on the local Adivasi economy.

False; it resulted in impoverishment and loss of land for the Adivasis.

The Adivasis in the Bastar district primarily engage in the sale of ___ and ___ to earn income.

Agricultural products and forest products

Karl Marx believed that the social structure of the market was created by those who have power, such as industrialists and businessmen, and those who do not, such as ___ and ___.

Laborers and workers

True or False: According to Marx, workers are compensated fairly for their labor.

False. Marx argued that workers were not compensated fairly for their labor, and that profit represented additional value gained by those in power at the expense of laborers.

Globalization refers to the process of linking ___ and ___ economies.

Local and global

True or False: The first Indian business to register with Nasdaq was Infosys.

False. The first Indian business to register with Nasdaq was Satyam.

Marketisation refers to the process of resolving issues through ___ rather than government laws or policies.

Market-based procedures

True or False: The proponents of marketisation believe that private industry is less productive than state-owned industry.

False. Proponents argue that private industry is more productive.